72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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Depending on their specifications, these cards can be used for banking transactions at ATMs that operate on the local network provided by Redbanc and the local network of merchants participating in the local Redcompra debit program.
Building on our knowledge of the Chilean financial market, we have historically been able to develop significant competitive advantages based on our strong brand recognition, our widespread branch network, the diversity dircular relative size of our customer base, our highly competitive funding structure, the superior asset quality of our loan portfolio as compared to our peers in Chile, an attractive risk-return relationship and our market leadership in a diverse range of financial products and services.
In this regard, the business scope of this division focuses on assets but, more importantly, focuses on the ability to attract liabilities such as deposits and wealth management, which permit us to benefit from funding and cross-selling. Therefore, any disreputable event, including employee misconduct, legal proceedings, regulatory sanctions, failure to deliver minimum standards of service quality, failure to comply with regulatory requirements, unethical behavior by our staff or involvement in political issues or public scandals or gossip related thereto could damage our reputation and produce significant harm to our results of operations or financial condition.
Return on average equity 6. All of the aforementioned investments have been or will be made in Chile. This has become increasingly important in the midst of societal changes in Chile and worldwide. As a result, according to our management information system, annual average balances of current accounts and demand deposits managed by our Individual and SME Division increased by This strategy has enabled us to maintain profitable relationships with our corporate customers while preserving the ability to grant loans when appropriate business opportunities arise.
Leasing contracts are financial leases for capital equipment and property. Net Income including minority interest. The risks and cirrcular described below are not the only ones that we face.
We also continue to enhance our strategic development capabilities, increase our business scale, develop economies of scope by incorporating new financially related businesses, reinforce the productivity of our branch network, enhance our. Lines of credit and other loans. The average balances for equity have been calculated on the basis of our daily circulr.
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For this reason, during we strengthened our value offering to higher-income customers of Banco de Chile and Banco Edwards Citi by. Directors, Senior Management and Employees. In addition, the depositary will incur customary currency conversion costs to be borne by the holders of our ADSs in connection with the conversion and subsequent distribution of dividends or other payments.
With the aim of improving the quality of life of people and supporting microentrepreneus in their ventures, we held several workshops across the country, together with the Financial Literacy Program promoted by the SBIF.
Although the final law has not been passed, the Chilean senate has approved some changes and the Chilean government has introduced amendments to: Accordingly, ADS holders may not be able to properly exercise their voting rights. In addition, we continued to enhance the capabilities of our Treasury by upgrading the Murex system, completing a new phase of the platform that allows us to clear derivatives with other Chilean banks while setting up diverse IT solutions to clear derivatives contracts with European counterparties EMIR.
For this reason, we are focused on improving our cash management services, enhancing our internet-based services, increasing the penetration of products designed by our treasury and money market operations segment, strengthening our presence in certain lending products such as leasing and factoring and promoting international businesses by taking advantage of the Global Connectivity Agreement we maintain with Citigroup and the specialized array of financial services offered by our subsidiaries, such as securities brokerage, mutual funds management and financial advisory in order to meet the needs of certain niches within this business segment.
For this reason, we are constantly striving to develop and utilize circulad scoring and approval models while strengthening our collection procedures in order to mitigate the risks associated with this business growth.
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Other adjustments and eliminations. As a result, our risk-index ratio allowances for loan losses to total loans decreased from 2. Provisions for loan losses. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.
We are a full service financial institution that provides, directly and indirectly through our subsidiaries, a wide variety of lending and non -lending ccircular and services to all segments of the Chilean financial market, providing our customers with powerful, cjrcular and comprehensive value offerings.
Our wholesale customers are engaged in a wide range of economic sectors. Our retail banking segment serves the financial needs of individuals and small and medium sized companies through our branch network.
Banco CrediChile complements the services offered by our other business segments, especially our wholesale market segment, by offering services to employers, such as direct deposit capabilities for payroll payment purposes, which in turn enable employees to use our deposit services. As a result, loan growth was mainly prompted by the expansion in both consumer loans SM-Chile shareholders will have a right of first refusal with respect to that sale.
We also completed the first stage of our accounting control system and replaced some of our existing credit cards with new ones that include a microchip for enhanced security. Our customer base is composed of the sum of individuals and companies holding and using at least one or a combination of the following products: